Interested in a 5X ROI? Consider mental wellness initiatives.
Sense
ROI is a key performance indicator (KPI) that allows business owners and decision-makers to determine the impact of their initiatives. It’s an important part of business planning, regardless of business size or industry. Measuring the ROI of a wellness program helps establish its value to the organization and is critical in measuring its success over time, helping stakeholders make sound business decisions.
Employee wellness programs functioning in the workplace are highly individual. Measuring the ROI requires developing a success measurement framework that can be customized depending on available employee data and program type. Make sure to include quantifiable parameters, such as:
Program cost
Healthcare savings
Actualized health outcomes
Employee feedback
Employee participation and engagement rates
Analyse
Employers can consider designing mental wellness initiatives that can be leveraged across the entire organization to increase these programs’ ROI while assisting as many workers as possible. If the workforce feels cared for by an employer through its mental wellness programs, worker tenure and retention may be positively affected. Employers could also promote mental health awareness by collaborating with mental health organizations to conduct regular sessions about mental wellness with the workforce.
HR functions that want to be alerted when a worker becomes mentally distressed can consider purchasing digital mental health platforms that can form part of their respective organization's technology infrastructure. Workers can voluntarily disclose mental health information to these platforms, which can assist HR functions in deciding when to offer support to particular worker groups. In addition, these platforms can lower program operating costs since initiatives would be launched as early as possible, increasing their effectiveness.
Act
CHROs can devise worker mental wellness programs that provide different services to the workforce, including mental wellness screening, mental health awareness, training, and therapy sessions.
HR managers can coordinate with the finance department to create reports highlighting the cost of poor mental health in their respective organizations and provide estimates on the investment needed to eliminate these costs.
Launching a wellness program is only the beginning. Ensuring its success depends on monitoring and evaluation, which are often overlooked. Results from wellness programs will vary, but there are common factors that can ensure success and improved outcomes, including better ROI. Workplace wellness programs tend to have a higher rate of ROI if they are well structured from their inception.
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